Dallas-area home prices were up 7.1 percent from a year ago in the latest nationwide comparison.

Dallas’ price increase was higher than the 6.2 percent nationwide annual gain in October, according to the Standard & Poor’s/Case-Shiller Home Price Index.

The Dallas-area home price growth rate has been the same for the last three months but remains below levels seen earlier in 2017.

“Home prices continue their climb supported by low inventories and increasing sales,” S&P’s David M. Blitzer said in the report. “Underlying the rising prices for both new and existing homes are low interest rates, low unemployment and continuing economic growth.” 

The biggest home price increases were in Seattle (12.7 percent) and Las Vegas (10.2 percent).

Dallas-area home prices have risen 60 percent since 2009 during the recession and are at record levels. Local prices are about 50 percent ahead of where they were at the peak of the last housing market in 2007.

After several years of substantial increases, the rate of home price growth in North Texas has slowed in recent months. Most forecasts see smaller percentage price gains in Dallas-Fort Worth next year.

 

Story by Steve Brown, Dallas Morning News, Dec. 26, 2017